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Income Tax : The article argues that recurring demands for ITR deadline extensions arise from delayed AIS updates, late utility releases, and t...
Income Tax : Senior citizens aged 75+ with only pension and bank interest income need not file ITR if a specified bank computes income and dedu...
Income Tax : Section 44AA mandates maintenance of books by specified professionals and eligible businesses based on income or turnover limits. ...
Income Tax : Employer-provided interest-free or concessional loans are taxable as salary perquisites due to the financial benefit enjoyed by em...
Income Tax : ESOPs are taxed as salary perquisites on allotment based on FMV at exercise. Eligible start-up employees can defer TDS and tax pay...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : ITAT remanded the case as NFAC passed an ex parte order despite notice issues and held that a combined reassessment and ITAT effec...
Income Tax : ITAT Delhi held that interest expenditure cannot be disallowed without establishing a nexus between borrowed funds and non-busines...
Income Tax : The Madras High Court held that filing an appeal before the Commissioner of Income-tax (Appeals) under Section 246A does not requi...
Income Tax : ITAT Chennai held that late filing fees under Section 234E could not be levied through TDS processing for periods prior to 01.06.2...
Income Tax : The ITAT held that, following the Supreme Court's ruling denying LFC exemption for foreign travel, a bank could be treated as an a...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
The Tribunal ruled that Section 271(1)(c) penalty cannot be imposed on estimated income. While the penalty on actual taxable additions remains, the portion related to estimated income was deleted. Key takeaway: penalties require confirmed income, not mere estimates.
Reassessment proceedings initiated with approval from the wrong authority were held invalid. Courts reiterated that Section 151(ii) specifies the competent sanctioning authority for notices issued after three years, leading to quashing of the assessment and related demand.
ITAT held that although the assessee attempted to justify cash deposits as scrap sales, lack of key supporting records justified only a partial lump-sum addition. Key takeaway: Section 68 additions must be proportionate to actual evidentiary gaps.
The Tribunal recalled its prior order on US$ 32,13,307.60 credited in an offshore account, acknowledging documented proof of investment maturity. Explained sources prevent its inclusion as undisclosed assets.
ITAT held that a reassessment notice issued under Section 148 is invalid if approved by JCIT instead of the Pr.CIT for cases reopened after four years. Limitation rules under section 151 must be strictly followed.
The Tribunal set aside ex-parte assessments and appellate orders because the assessee was incarcerated during proceedings. All cases were remanded to the AO for de-novo assessment with directions to grant fair hearing. Takeaway: incarceration does not exempt authorities from observing natural justice.
The Tribunal held that a 143(1)(a) adjustment denying ₹5.05 crore TDS credit was invalid because no mandatory show-cause intimation was issued. It ruled that a 139(9) defect notice cannot substitute the statutory opportunity required under 143(1), resulting in deletion of the entire ₹5.73 crore demand.
Tribunal held that demonetisation cash deposits represented genuine business sales and could not be taxed as unexplained income under sections 68/115BBE. Only ₹25 lakhs was sustained due to incomplete explanation, with the remaining addition deleted.
The Tribunal held that a captive software development service provider cannot be compared with giant IT companies owning IP, diversified services, and global operations. By excluding these functionally dissimilar comparables, the entire ₹10.58 crore TP adjustment was deleted.
ITAT Chennai held that an appeal filed under the Black Money Act with a 5-day delay cannot be condoned without a notarised affidavit supporting the delay. The appeal was dismissed in limine, emphasizing strict adherence to procedural requirements.
